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FC

Francis Chou Chou Associates Management

AUM $217M
1-Year Est. Return 23.58%
 

Francis Chou is the founder of Chou Associates Management and a Canadian value investor known for deep-value and special-situation securities. His funds have historically owned a mix of equities and distressed or complex instruments when prices offered a margin of safety. Chou’s annual reports are read for candid discussion of mistakes, opportunities, and long-term results.

This Fund
S&P 500
This Quarter Est. Return
-0.84%
1 Year Est. Return
+23.58%
3 Year Est. Return
+66.36%
5 Year Est. Return
+125.96%
10 Year Est. Return
+766.48%
AUM
$301M
AUM Growth
-$11.3M
Cap. Flow
-$11.8M
Cap. Flow %
-3.93%
Top 10 Hldgs %
76.26%
Holding
29
New
2
Increased
2
Reduced
3
Closed
2

Top Buys

Rank Stock Value
1
ENDP
Endo International plc
ENDP
+$11.8M
2
TEVA icon
Teva Pharmaceuticals
TEVA
+$7.34M
3
BHC icon
Bausch Health
BHC
+$5.41M
4
SD icon
SandRidge Energy
SD
+$2.15M

Top Sells

Rank Stock Value
1
JPM.WS
JPMorgan Chase
JPM.WS
+$23.3M
2
NOK icon
Nokia
NOK
+$5.03M
3
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$3.44M
4
AZN icon
AstraZeneca
AZN
+$711K
5
GSK icon
GSK
GSK
+$347K

Sector Composition

Rank Sector Weight
1 Financials 29.32%
2 Healthcare 20.58%
3 Consumer Discretionary 10.15%
4 Materials 9.42%
5 Technology 6.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.A icon
1
Berkshire Hathaway Class A
BRK.A
$1.06T
$37.5M 12.43%
150
– –
JPM.WS
2
DELISTED
JPMorgan Chase
JPM.WS
$29M 9.62%
626,347
-500,000
-44% -$23.3M
RFP
3
DELISTED
Resolute Forest Products Inc.
RFP
$27.1M 8.97%
4,963,423
– –
BHC icon
4
Bausch Health
BHC
$2.41B
$26M 8.61%
2,353,843
+393,000
+20% +$5.41M
C icon
5
Citigroup
C
$221B
$24.5M 8.14%
410,000
– –
WFC.WS
6
DELISTED
Wells Fargo & Company Ws
WFC.WS
$22.1M 7.34%
997,500
– –
SNY icon
7
Sanofi
SNY
$110B
$18.6M 6.16%
410,000
– –
GS icon
8
Goldman Sachs
GS
$303B
$17.2M 5.72%
75,000
– –
NOK icon
9
Nokia
NOK
$57B
$14.9M 4.95%
2,750,000
-1,000,000
-27% -$5.03M
SHLD
10
DELISTED
Sears Holding Corporation
SHLD
$13M 4.31%
1,131,610
– –
ENDP
11
DELISTED
Endo International plc
ENDP
$10.6M 3.52%
+950,000
New +$11.8M
NXH
12
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$10M 3.32%
775,003
– –
MBI icon
13
MBIA
MBI
$250M
$9.15M 3.04%
1,080,797
– –
TEVA icon
14
Teva Pharmaceuticals
TEVA
$43.5B
$6.9M 2.29%
+215,000
New +$7.34M
BAC.WS.A
15
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
$6.07M 2.01%
536,825
-300,000
-36% -$3.44M
SHOS
16
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$5.16M 1.71%
1,322,209
– –
ASCMA
17
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$4.32M 1.43%
306,000
– –
BB icon
18
BlackBerry
BB
$4.71B
$4.1M 1.36%
529,040
– –
SD icon
19
SandRidge Energy
SD
$532M
$2.9M 0.96%
156,623
+108,383
+225% +$2.15M
CBI
20
DELISTED
Chicago Bridge & Iron Nv
CBI
$2.07M 0.69%
67,446
– –
RYAAY icon
21
Ryanair
RYAAY
$28.9B
$1.38M 0.46%
41,438
– –
CYD icon
22
China Yuchai International
CYD
$1.5B
$1.36M 0.45%
73,364
– –
PKX icon
23
POSCO
PKX
$17.3B
$1.35M 0.45%
21,000
– –
SRSC
24
DELISTED
SEARS Canada Inc.
SRSC
$1.06M 0.35%
775,149
– –
GM.WS.B
25
DELISTED
General Motors Company
GM.WS.B
$233K 0.08%
13,019
– –
1
2

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Francis Chou's Q1 2017 Portfolio in Review

As of Q1 2017, Francis Chou held 29 positions worth $301M, down 3.6% from $313M the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Francis Chou withdrew a net $11.8M in Q1 2017, closing 2 positions and reducing 3 holdings. Its most notable exit was AstraZeneca, an estimated $711K position sold in full.

By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 29% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Francis Chou opened a new position in Endo International plc worth $10.6M.

  • Francis Chou's largest Q1 2017 buy was Endo International plc: 950,000 shares worth $10.6M.
  • Francis Chou added most to Bausch Health in Q1 2017, an estimated $5.41M increase.
  • Francis Chou's biggest Q1 2017 reduction was JPMorgan Chase, cutting an estimated $23.3M.
  • Francis Chou fully exited AstraZeneca in Q1 2017, selling an estimated $711K.
  • Francis Chou's ten largest holdings make up 76% of its $301M portfolio in Q1 2017.
  • Francis Chou opened 2 new positions and closed 2 in Q1 2017.
  • Francis Chou's portfolio value fell 3.6% quarter-over-quarter to $301M.

Based on Chou Associates Management's 13F filing for Q1 2017, filed 12 May 2017.